A picture archiving and communication system (PACS) refers to a medical imaging technology which offers convenient access to and economical storage of images from multiple modalities whereas, radiology information system (RIS) refers to a computerized database used by radiology departments in order to store, manipulate and distribute patient radiological data and imagery. These technologies provide cost-effective and manageable access to images from multiple source modalities such as computed tomography (CT), ultrasound, X-ray and magnetic resonance imaging (MRI) among others.
The PACS and RIS market is expected to witness market growth at a rate of 6.61% in the forecast period of 2021 to 2028 and is expected to reach $10.4 billion by 2028, according to a Data Bridge Market Research report. The report provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rapid digitization in the health care industry is escalating the growth of PACS and RIS market.
The increasing popularity of PACS as they assist in reducing the physical and time barriers associated with traditional film-based image retrieval, distribution and display and the rising number of health care facilities and high-value products such as cardiology PACS, orthopedic PACS and oncology PACS are major factors driving the PACS and RIS market. The increase in the total number of diagnostic procedures performed across the globe, due to increased awareness regarding early diagnosis of diseases, is accelerating the PACS and RIS market. The increasing need for storing, interpreting and consultation by many medical experts regarding patient diagnostic images is also a reason for market growth. Additionally, the integration of patient images with electronic medical records and health information exchange platforms and a surge in health care expenditure are positively impacting the PACS and RIS market. Furthermore, the adoption of cloud-based solutions and technological advancements extend profitable opportunities to the PACS and RIS market players in the forecast period of 2021 to 2028.
Acumen Research and Consulting also predicts market growth. A report by the research firm states that the PACS and RIS market is expected to reach a market value of approximately $5.1 billion by 2027.
A Transparency Market Research report states that the global PACS and RIS market was valued at $2.6 billion in 2018 and is projected to expand at a compound annual growth rate of about 5.3% from 2019 to 2027.